Market Analysis: GBP/USD Rallies
Market Analysis: GBP/USD Rallies
GBP/USD is showing bullish signs above the 1.2870 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is gaining pace above the 1.2870 zone against the US Dollar.
- There is a connecting bullish trend line forming with support at 1.2925 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the remained in a positive zone above the 1.2560 level. The British Pound formed a base and started a fresh increase against the US Dollar, as mentioned in the previous analysis.
The pair gained pace for a move above the 1.2715 and 1.2760 resistance levels. The pair even settled above the 1.2900 level and the 50-hour simple moving average.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2965. The next major resistance is near the 1.2980 level. If the RSI moves above 60 and the pair climbs above 1.2980, there could be another rally. In the stated case, the pair could rise toward the 1.3050 level or even 1.3120.
On the downside, there is a major support forming near 1.2925. There is also a connecting bullish trend line forming with support at 1.2925. If there is a downside break below the 1.2925 support, the pair could accelerate lower.
The next major support is near the 1.2870 zone or the 23.6% Fib retracement level of the upward move from the 1.2559 swing low to the 1.2966 high, below which the pair could test 1.2800.
Any more losses could lead the pair toward the 1.2760 support. It is close to the 50% Fib retracement level of the upward move from the 1.2559 swing low to the 1.2966 high.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
GBP/USD is showing bullish signs above the 1.2870 zone.
Important Takeaways for GBP/USD Analysis Today
- The British Pound is gaining pace above the 1.2870 zone against the US Dollar.
- There is a connecting bullish trend line forming with support at 1.2925 on the hourly chart of GBP/USD at FXOpen.
GBP/USD Technical Analysis
On the hourly chart of GBP/USD at FXOpen, the remained in a positive zone above the 1.2560 level. The British Pound formed a base and started a fresh increase against the US Dollar, as mentioned in the previous analysis.
The pair gained pace for a move above the 1.2715 and 1.2760 resistance levels. The pair even settled above the 1.2900 level and the 50-hour simple moving average.
On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2965. The next major resistance is near the 1.2980 level. If the RSI moves above 60 and the pair climbs above 1.2980, there could be another rally. In the stated case, the pair could rise toward the 1.3050 level or even 1.3120.
On the downside, there is a major support forming near 1.2925. There is also a connecting bullish trend line forming with support at 1.2925. If there is a downside break below the 1.2925 support, the pair could accelerate lower.
The next major support is near the 1.2870 zone or the 23.6% Fib retracement level of the upward move from the 1.2559 swing low to the 1.2966 high, below which the pair could test 1.2800.
Any more losses could lead the pair toward the 1.2760 support. It is close to the 50% Fib retracement level of the upward move from the 1.2559 swing low to the 1.2966 high.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.